St. John's, Newfoundland and Labrador - United Bank, one of the most successful regional financial services companies in the USA, has chosen to implement Verafin, the industry’s leading, cloud-based BSA/AML and fraud detection (FRAMLx) software. With a vision toward continued future growth and a dedication to providing its customers with an unmatched level of service, it was important that the selection team at United Bank find a BSA/AML and fraud detection solution able to grow with them — while providing a similar dedication to their success.
With offices located across seven states, and the nation’s capital, United Bank has a strong record of growth and profitability. As the 51st largest banking company in the country, United is the largest independent banking franchise remaining in the nation’s capital MSA. United Bankshares stock has been publicly traded since 1987 on the NASDAQ National Market System under the quotation symbol "UBSI.”
“Our evaluation process included numerous different solutions,” says Darren Williams, Chief Risk Officer at United Bank. “Verafin’s dedication to innovation and underlying subject matter expertise was visible to us throughout every product demonstration and every conversation we had with their team. As any institution knows, particularly at our size, false alerts create incredible inefficiency and frustration for our employees and customers. Seeing how aggressively Verafin is advancing its analytical models to significantly reduce false alerts is very impressive.”
Williams continues, “We are also very aware of the constantly changing nature of financial crime. Verafin’s cross-institutional collaboration and information sharing functionality is a game-changer and something I believe our industry should be doing more of to protect both banks and their customers. Verafin’s ability to enable institutional information sharing is going to have a real impact our effectiveness in fighting financial crime.”
Verafin’s FRAMLx solution is a cloud-based, enterprise BSA/AML and fraud detection platform that utilizes the latest advances in artificial intelligence (AI) and machine learning to present financial crime investigators with highly-targeted multi-channel AML and fraud alerts. Robust case management functionality, automated regulatory reporting, and innovative 314(b) information sharing tools all work together to make Verafin the choice of more than 1700 FIs across North America.
“We are very happy to have the opportunity to work with the team at United Bank,” says Brendan Brothers, Verafin Co-founder. “Our customers’ success is central to our approach. Every relationship is an opportunity for us to continue to enhance and deliver the industry’s leading solution. We are dedicated to building a successful partnership with Darren and his team at United Bank — together, we will have a real impact on the fight to prevent financial crime.”
United Bank, which comprises 140 full-service banking offices and 21 George Mason Mortgage, LLC locations, is located throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Washington, D.C. It is a subsidiary of United Bankshares, Inc. (NASDAQ: UBSI), a $19.2 billion regional financial services company. For more information, visit BankWithUnited.com.